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Bond Market News
New Fortress In Talks for a Restructuring Support Agreement
January 27, 2026
New Fortress Energy (NFE) is negotiating a restructuring support agreement to address its heavy debt burden, with creditors likely to receive preferred equity in the reorganized company, according to sources. Under the proposal, bondholders would take control of the company’s Brazilian assets, while term loan lenders would recover value linked to the Altamira FLNG 1 facility in Mexico, the Puerto Rico terminal, and other downstream assets. The restructuring would be executed in the UK, and the company’s common shares would not be canceled, though terms remain fluid. The talks follow mounting financial stress on the company caused by project delays and weakened cash flow. Late last year, NFE entered into a forbearance agreement after missing a $30.6mn interest payment on its term loan due 2028 and signalling further missed payments. It has since sought extensions from lenders to avoid acceleration on its debt and bankruptcy enforcement. As of September 2025, the company had reported $8.9bn in total debt, with $6.6bn classified as current debt.
NFE’s 2026s and 2029s notes continue to trade at deeply distressed levels of 8-10 cents on the dollar.
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